WTI and Brent Forecast: Oil Bulls Return as Supply Risks Build

The WTI Crude Oil market is recovering from a pretty significant sell-off to test the 50-day EMA. The WTI crude oil market has gapped higher, only to pull back and bounce, showing signs of life. The 50-day EMA is obviously a technical indicator that a lot of people will be watching. Brent markets look like they are continuing to recover as well. There is some previous resistance at $110, while the $100 level seems to be a bit of support. Ultimately, this is a market that has been very noisy for a while, but again, it is moving on all of the same things. The fact that there is a lot of concern about the free flow of oil through the Strait of Hormuz and, quite frankly, beyond, I think, continues to be a major driver here. It looks bullish and, in fact, you could even say there is a bullish flag.